It is estimated that one third of all men and half of all women, aged 65 or over, will move into permanent residential care but Mr Dobbrick fears some may be ill-prepared for how that transition may impact upon their financial wellbeing.
Mr Dobbrick said failure to plan for the costs that could be incurred for aged care, had the potential to not only erode retirement savings but in some instances impact upon, or significantly alter, estate plans or provisions for spouses or relatives who continue to reside in the family home.
“Seeking professional advice may significantly smooth the financial path from independent living to permanent care,” Mr Dobbrick said.
The team at Cotter Financial Services are equipped to compassionately assist seniors, or those holding their Power of Attorney, to navigate the Government’s recent changes to the means testing payment system for aged care accommodation, which now assesses both income and assets.
Further, Ryan and the team at Cotter Financial Services are also well placed to translate the nuances of the Government’s more flexible accommodation payment methods and to help you determine whether a refundable lump sum payment, a periodic payment, or a combination of both, may suit your specific set of circumstances.
However, caring for our aging population is not the sole responsibility of Aged Care facilities. By 2050, it is estimated that about 3.5million Australians will require aged care services, with about 80% of these services delivered in the home.
Part of this care giving may fall to the ‘sandwich generation’ sometimes referred to as baby boomers caring for their aging parents and their adult children.
“Juggling multi-generational financial demands can be challenging for the ‘sandwich generation’. In my role, I help my clients who are in this situation to navigate what can be complex terrain in order to protect their financial position now and into the future,” Mr Dobbrick said.
Together with family members, medical physicians, accountants and legal practitioners, your financial adviser provides specialist knowledge that aims to help facilitate a compassionate and financially sustainable transition to aged care whether that care takes place inside or outside the family home.
For further information regarding Aged Care strategies contact Cotter Financial Services on 07 3333 2610.
Ryan Dobbrick is a financial adviser at Cotter Financial Services and its advisers are Authorised Representatives of Fortnum Private Wealth Pty Ltd ABN 54 139 889 535 AFSL 357306 Australia Credit Licence No 357306 trading as Fortnum Financial Advisers.
This information is of general nature only and neither represents nor is intended to be personal advice on any particular matter. Cotter Financial Services strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.
 http://www.agedcareguide.com.au/news/2014/03/20/improving-the-delivery-of-home-care-in-australia/ (citing the Productivity Commission 2011 report, Caring for Older Australians)